Toronto is 2017’s Third Hottest Global Luxury Market

admin Portfolio Updates, Residential Development

According to property consultancy firm Knight Frank’s Prime Global Cities Index Q1 2017, Toronto is the third hottest luxury real estate market in the world. A 22.2% surge in luxury home pricing from March 2016 to March 2017 earned Toronto the spot below Guangzhou (36.2% increase) and Beijing (22.9% increase), with the next North American city, Vancouver, ranked at 10th place (7.9% increase).

“The big story on the North American continent is the acceleration of prices in Toronto — across all price bands,” the Knight Frank report states. “Such price inflation failed to escape the attention of policymakers leading to the announcement of a raft of new measures in April including a 15% foreign buyer tax putting the city on an equal footing with Vancouver.”

Toronto also boasts the top North American spot and 6th place overall on Knight Frank’s 2017 Prime International Residential Index (PIRI), which tracks the value of luxury homes in 100 locations worldwide. These trends illustrate Toronto’s continually growing presence in the luxury market and how Greybrook’s developments at 1 Scollard, Avenue & Park and 140 Yorkville address this demand from ultra-high-net-worth individuals.

Read the Knight Frank Prime Global Cities Index Q1 2017 report here.

Read the Knight Frank 2017 Wealth Report (including PIRI rankings) here.